Monarch Casino & Resort, Inc. (MCRI) Downgraded by BidaskClub to Sell

BidaskClub lowered shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) from a hold rating to a sell rating in a research report released on Saturday, August 5th.

A number of other brokerages have also issued reports on MCRI. Imperial Capital upped their price objective on shares of Monarch Casino & Resort from $35.00 to $38.00 and gave the company an outperform rating in a report on Thursday, July 27th. Stifel Nicolaus reissued a hold rating and issued a $33.00 price objective on shares of Monarch Casino & Resort in a report on Friday, July 28th. Zacks Investment Research raised shares of Monarch Casino & Resort from a hold rating to a buy rating and set a $38.00 price objective for the company in a report on Friday, July 28th. Finally, Deutsche Bank AG upped their price objective on shares of Monarch Casino & Resort from $95.00 to $97.00 and gave the company a buy rating in a report on Monday, May 1st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $46.60.

Monarch Casino & Resort (MCRI) traded down 0.58% during trading on Friday, reaching $34.13. 56,461 shares of the company’s stock traded hands. The company has a 50-day moving average price of $32.10 and a 200 day moving average price of $29.50. Monarch Casino & Resort has a one year low of $21.13 and a one year high of $35.40. The firm has a market capitalization of $599.60 million, a PE ratio of 23.11 and a beta of 1.06.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Tuesday, July 25th. The company reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.03. Monarch Casino & Resort had a net margin of 11.77% and a return on equity of 11.16%. The business had revenue of $58.23 million during the quarter, compared to analyst estimates of $58 million. On average, analysts anticipate that Monarch Casino & Resort will post $1.51 earnings per share for the current fiscal year.

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In other Monarch Casino & Resort news, President Bob Farahi sold 34,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $34.43, for a total value of $1,170,620.00. Following the transaction, the president now owns 482,516 shares of the company’s stock, valued at $16,613,025.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 27.56% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its stake in shares of Monarch Casino & Resort by 2.4% in the second quarter. The Manufacturers Life Insurance Company now owns 9,754 shares of the company’s stock valued at $295,000 after buying an additional 224 shares in the last quarter. Friedberg Investment Management boosted its stake in shares of Monarch Casino & Resort by 6.1% in the second quarter. Friedberg Investment Management now owns 95,910 shares of the company’s stock valued at $2,901,000 after buying an additional 5,490 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Monarch Casino & Resort by 32.1% in the second quarter. Arrowstreet Capital Limited Partnership now owns 105,673 shares of the company’s stock valued at $3,197,000 after buying an additional 25,672 shares in the last quarter. State Street Corp boosted its stake in shares of Monarch Casino & Resort by 5.5% in the second quarter. State Street Corp now owns 281,967 shares of the company’s stock valued at $8,529,000 after buying an additional 14,713 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. acquired a new stake in shares of Monarch Casino & Resort during the second quarter valued at about $156,000. 55.95% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc (Monarch), through its subsidiary, owns and operates the Atlantis Casino Resort Spa (the Atlantis), a hotel/casino facility in Reno, Nevada. The Company also owns and operates Monarch Casino Black Hawk. The Company’s segments include Atlantis and Monarch Casino Black Hawk.

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